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New York Law Journal

KISS, Profit Motive and Foreign Currency Contracts

The author writes "While being careful to dot their “i’s” and cross their “t’s” with respect to the complicated rules of section 1256 of the Internal Revenue Code, this attention to detail only took the Wrights so far in their quest to offset substantial capital gains that they had realized in 2002. They apparently gave little thought to section 165(c)’s limitation on an individual’s ability to deduct losses. More about this shortly."
10 minute read

New York Law Journal

Volunteers Unreimbursed Expenses — Tax Incentives for Itemizers 

The author writes "It's generous and admirable to contribute money and property to benefit charities. The most selfless gift of all is the one that we have a limited supply, simply put, our time and efforts.. I hope this column will be helpful and informing your clients-who itemize the tax encouragement to volunteering-although quite limited."
8 minute read

International Edition

Spiegel Sohmer & Ravinsky Ryan Lemoine Merge Their Tax Firms in Montreal, Canada

The tax specialists will form a 75-lawyer firm under the new banner Spiegel Ryan on January 1.
3 minute read

New York Law Journal

Treasury Issues New Regulations on Allocation of Partnership Liabilities

On Dec. 2, 2024, the Treasury Department issued final regulations providing more detail on how a partnership’s recourse liabilities must be allocated and in some cases changing the result under existing regulations.The new regulations provide more clarity in situations regarding partnership recourse liabilities than prior law.
6 minute read

International Edition

French Government Collapse Brings Uncertainties & Opportunities for Law Firms

Political and economic volatility caused by the political upheaval creates challenges for dealmakers, but also opportunities for law firms.
3 minute read

The American Lawyer

Hogan Lovells, Reed Smith Add Tax Partners in DC, San Francisco

Jay Singer joins Hogan Lovells from A&O Shearman while Saba Shatara moves to Reed Smith from Deloitte.
4 minute read

New York Law Journal

Sentencing Commission Addresses Inconsistent Definitions of “Loss”

This article discusses the inconsistent definition of loss as defined by the Sentencing Commission.
10 minute read

Daily Business Review

Florida Hurricane Relief—IRS Offers Extended Deadlines and Tax Benefits

Adding to previously announced relief for taxpayers affected by Hurricanes Helene and Debby, the IRS has extended tax filing and certain payment deadlines to May 1, 2025, for taxpayers affected by Hurricane Milton throughout Florida.
4 minute read

The Legal Intelligencer

The Importance of Plaintiffs Not Letting Defendants Dictate Settlement Tax Strategies

When plaintiffs ignore or defer to defendants on settlement language classifying settlement proceeds, plaintiffs lose the opportunity to influence their tax liability.
9 minute read

New York Law Journal

Sales Chasing in a Reassessment Jurisdiction

This article discusses property case law and taxes. "The practice – in which a tax assessor singles out a property for an increase in its assessed value following a sale while neglecting similar treatment for comparable properties that did not recently transfer – goes by a variety of other descriptive names..."
8 minute read

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